Home-finding help

You’ve done your research, and you are ready to purchase a home. Should you take action on your own or use an agent?

Shelly O'Hara/Homefinder.com

You’ve done your research, and you are ready to purchase a home. Should you take action on your own or use an agent?

An agent can help you in many ways, including:

1 An agent can help you determine how much you can afford when
purchasing a home. They can recommend lenders and work with lenders on your behalf to prequalify you for a loan.

2 Agents have access to the Multiple Listing Service that lists homes for sale. While you can also find houses on your own by attending open houses, reading your paper’s real estate section and searching online, your agent is the best point of access for all homes and can arrange showings for houses of interest.

3 Your agent can help you narrow your search by going through a home with you and noting what you like and dislike. The agent is also a source of information about the home itself: how long it’s been on the market, the neighborhood and school system, the home’s best features and so on. Rather than being flooded with properties of all type, your agent can help you find a match for your specific needs and wants.

4 Your agent can also answer questions about the current market, interest rates and other home-buying issues. She can also refer you to other specialists whom you will need, including a home inspector or a lender.

5 Your agent will lead you through the process, ensuring all necessary steps are completed, such as securing a loan, getting an inspection, completing a title search, and so on.

How to find an agent

1 Look up Realtor sites on the Internet. Often, they include agent lists, and many agents include pages or their own site. Use these to review the agent’s background.

2 Draw up a list of questions and interview your agent. Remember she is helping you with a big financial and life decision. Ask how many homes the agent has listed in the past six months. Ask how many homes the agent has sold. Get references, and call them to inquire about that buyer’s impressions of the home-buying process with that agent.

3 If you know the specific area or neighborhood you want to live in, consider an agent that specializes or at least sells and lists a lot of homes in your neighborhoods of interest.

4 Quiz your agent with questions you have or things you don’t understand about buying a home. For instance, you may have questions about mortgage insurance, which is required for many first-time home buyers. If they can’t explain concepts in easy-to-understand terms or put you in touch with someone who can, they may not be the best choice.

5 Be sure it’s clear that the agent is representing you — that you are working with a buyer’s agent. Also, ask about the agent’s commission rate(s). If you are both buying and selling a home, and the agent is both finding you a new home and listing your home, she may give you a break on the commission. You may be asked to sign a buyer’s agreement contract which spells out the terms of your representation, such as exclusivity, meaning you won’t be working with other agents.

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